Its AUM has grown by 18% for the fifth straight quarter. Growth is similar across individual as well as non-individual segment. Spreads are stable on a sequential as well as YoY basis. NII growth of 17% is in line with our expectations, whereas PAT growth of 54% has significantly beaten our estimates, driven by dividend income of Rs5.9bn from HDFC Bank and lower provisions. Asset quality is stable on a sequential basis. Previous quarters numbers are adjusted and PAT for Q1FY18 is revised downwards by 8% as it moves towards Ind As accounting. Due to recent run-up in stock valuation, we are downgrading the stock to HOLD from ACCUMULATE. We raise our SOTP-based TP to...